Y00ts Migrates to Ethereum and Returns $3M of Grant Funds to Polygon
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In Brief
NFT project y00ts announced that it plans to migrate to the Ethereum blockchain. Earlier this year, the collection, which was originally minted on Solana, received a $3 million grant from Polygon Labs to move the collection to Polygon.
Y00ts will return 100% of the grant provided to Polygon Labs.
Non-fungible token project y00ts announced that it plans to migrate to the Ethereum blockchain. Earlier this year, the collection, which was originally minted on Solana, received a $3 million grant from Polygon Labs to move the collection to Polygon.
As y00ts has decided to move the collection from Polygon to Ethereum, it will return 100% of the grant provided to Polygon Labs. The latter noted that the funding will be redeployed for non-fungible token ecosystem growth to empower builders and creators. As of the time of writing, y00ts has not shared additional details. According to the post published on X, the migration date will be announced in the following days.
“We still love Polygon. It’s just time to unite the DeGods and y00ts communities,” wrote y00ts in a post on its official X profile.
DeGods is originally a Solana-based collection of 10,000 PFP-styled NFTs, launched in October 2021. In April of this year, the collection migrated to Ethereum.
Y00ts is DeGods’ second project, released in September 2022. It features 15,000 NFT Yeti artworks with different traits. Before the project’s minting went live, individuals willing to receive access to the allowlist had to fill out a question form with their data and answer several questions. Following this, the project’s creators chose who was worthy enough to participate in the mint, stating that they aim to build a community of “the coolest people in web3.” Earlier this year, y00ts migrated to Polygon. The company was planning to use Polygon Labs’ funds to expand the team and continue to grow the project.
Notably, most y00ts NFT holders are happy with the project’s decision. “It’s a great move,” wrote the co-founder of The Sports Meta, called Loop on X.
However, the $3 million given to y00ts to migrate to Polygon could have been used for the project’s development, communications and marketing, team expansion, and the creation of additional benefits for holders. For instance, with such funds, the company could have developed a side collection and airdropped it to DeGods and y00ts owners, thus creating more recognition from the holders’ side.
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related.Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities.You can contact her at [email protected]
More articlesValeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related.Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities.You can contact her at [email protected]
